The windward side of Oahu saw the most strength this past month. This is David Buck with Harcourts Island Real Estate, here to give you the local market update for single family homes and condos on Oahu for July of 2023.
Local Update for Homes
First off, we'll jump into the home stats and Kaneohe saw a 21% increase in home sales, which was up from 14 sales in July of '22 to 17 sales just this past month. Two other neighborhoods on Oahu saw an increase in sales, four were unchanged and 2/3 of the neighborhoods on Oahu (14 of the 21 neighborhoods) saw a decrease in home sales year over year.
Makakilo saw the largest increase in median sales price from July of last year to this past month. That was up 18% from a year ago and that was going from $930,000 to $1,100,000 now for a single family home in Makakilo. In the backdrop is a listing of mine in Lower Makakilo. We're priced at $986,500 and it's a great deal because we're under that median sales price of $1.1 million.
Local Update for Condos
Not only did Kaneohe see the largest increase year over year for single family home sales, the Windward Coast of Oahu saw the largest increase in condo sales. There, we saw a 200% increase, going from 1 sale a year ago to 3 transactions this past month. Three other neighborhoods saw an increase in sales and two had no change. Collectively, 15 of the 21 neighborhoods that the Honolulu Board of Realtors tracks saw a decrease in sales over the year. That's something we want to keep an eye on. That's a trend we've been noticing with a drop-off in sales volume and the number of deals taking place.
For our final category of median sales price for condos, Diamond Head - Kapahulu saw the largest increase. That was an outlier (by far). It was up 277%! In July of last year, the median condo price in Diamond Head - Kapahulu was $609,500. Now, it's at $2.3 million. A reason why is there's a lot of big trades that took place on the Gold Coast. There were a half dozen sales that were at $2.3 million or more. There was a trade at the Kainalu for $2.3. There was another at the Colony Surf. There were 2 total at the Colony Surf. There was a sale at La Pietra, another at 3019 Kalakaua (which is 1 unit/floor). Then, at the grand daddy of them all, at the Diamond Head Apartments, there was a combined unit that went for $5.5 million!
That's a recap and hope you enjoyed the local market report here and hope you're having a great summer. We're now about mid way through August. Take care and Aloha!